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2-min read

The Kinds of Insurance You Definitely Need to Get

Getting an insurance is no longer an option in today’s day and age, it is more of a necessity.

Updated:May 13, 2019, 12:02 PM IST
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The Kinds of Insurance You Definitely Need to Get
Getting an insurance is no longer an option in today’s day and age, it is more of a necessity.
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For the longest time, insurance has been associated with death and leaving behind something for your loved ones. Little did we know how important insurance is not just in the case of a fatal accident or incident, but to save you from putting a huge dent in your pocket in a variety of scenarios?

While the broader divide is between two types of insurances: General Insurance and Life Insurance, let’s take a layman’s eye view of the kind of insurance that everyone should be applying for.

Life Insurance:

This one is the most basic as well as the most important one. It provides cover to the holder in case of untimely death. This is the staple insurance that everyone, once they come of age and are eligible, should take without fail. It is a boon to the beneficiaries (spouse, parents or kids), not to mention the tax benefits you can enjoy during your lifetime.

You can avail a lifetime life insurance that will provide policy holders with cover till they are alive or turn 10, whichever comes first. There are also term plans available, which lapse once the policy holder crosses the pre-determined term.

Health/Medical Insurance:

This one is a must have for everyone. All health related costs are covered under this policy. In case of an emergency sickness or an accident that may otherwise cost a bomb, health insurance covers the holder, as well as can be extended to family members.

Home Insurance:

If you own a home, you must own home insurance. If you are taking care of yourself by insuring you and and your loved ones, don’t miss out on your home. A home insurance covers costs of varied scenarios such as natural disasters, theft, fire, floods etc. There are subsets to home insurance, and you can avail fire insurance, earthquake insurance or any single insurance if you see that as more suitable.

Vehicle Insurance:

In case of a road accident, your health insurance will cover your medical costs, but you will lose all of that saved money in repairing your totaled vehicle or buying a new one. Don’t commit that mistake and insure your vehicle. Avail auto insurance (separate ones for two wheelers and four wheelers) and insure yourself against not just accidents but also theft and damage caused by a third party.

Travel Insurance:

Getting stuck in a foreign country, losing your luggage, missing your connecting flight, getting into an accident in an unknown place are all horror scenarios that, along with scarring you will also cost a lot of money. In such cases, travel insurance is a must. If you love travelling, do not forget to get travel insurance at any cost.

These are the must-have insurance policies, but there are many more that could be of tremendous help to you depending on what works for you. Getting an insurance is no longer an option in today’s day and age, it is more of a necessity. If you think you don’t need any, think again.

To know more, click here.

This content has been created in association with YONO SBI

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